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2012 (10) TMI 357 - ITAT, DELHIPenalty u/s 271(1)(c) – Assessee has borrowed money & partly invest in shares – Assessee claim deduction of interest - AO disallowed the interest by invoking the provisions of Sec. 14A - He also levied the penalty u/s 271(1)(c) – Held that:- As assessee correctly disclosed the money borrowed by it and its utilization which was partly for the purchase of shares in his return. It is not the case that the assessee furnished either any inaccurate facts or wrong facts. Therefore, merely because the AO disallowed part of interest, it would not amount to either concealment of income or furnishing of inaccurate particulars. Following the decision of SC in Reliance Petro Products Pvt. Ltd. (2010 (3) TMI 80) & Delhi High Court in Zoom Communication Pvt. Ltd. (2010 (5) TMI 34). Decision in favour of assessee
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